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Minta Corporation is a leading manufacturer of sports apparel, shoes, and equipment. The company’s 2017 financial...

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Accounting

Minta Corporation is a leading manufacturer of sports apparel,shoes, and equipment. The company’s 2017 financial statementscontain the following information ($ in millions):

20172016
Balance sheets:
Accounts receivable, net$4,282$3,846
Income statements:
Sales revenue$36,055$34,081


A note disclosed that the allowance for uncollectible accounts hada balance of $30 million and $54 million at the end of 2017 and2016, respectively. Bad debt expense for 2017 was $51 million.Assume that all sales are made on a credit basis.

Required:
1. What is the amount of gross (total) accountsreceivable due from customers at the end of 2017 and 2016?
2. What is the amount of bad debt write-offsduring 2017?
3. Analyze changes in the gross accountsreceivable account to calculate the amount of cash received fromcustomers during 2017.
4. Analyze changes in net accounts receivable tocalculate the amount of cash received from customers during2017.
  

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